Told ya..... been saying it for awhile now... some people will never ever learn... sell this junk
This is a waste of time. Go ahead, throw your money away. I'm done trying to talk sense to a bunch of mopes. You're on your own.......
I keep telling you people over and over to get out of this dog. When the news came out today between 5 and 6pm EST that the 84 million shares are being offered, all the analysts live on CNBC couldn't believe it. They were shaking their heads after Ullman supposedly just said yesterday that JCP did not need to raise extra money. Also, this offering will price below the current stock price. So people stating otherwise here or acting like its good for the stock are full of it. Also, Cramer did not say anything positive about JCP and said he was disappointed by the news. Go watch the show for yourself when it replays later tonight. If you want to risk your money playing turn around in this dog, then wait till after Q4. This is not a good story...it's more and more becoming a desperate one. If you want to try and day trade this dog then go ahead and try to scalp some points on the swings. But owning this stock. long term...? You'd be better off putting your money in the toilet.
Take your money and buy something good. Do some research. Stop chasing this dog with fleas on it.
All you mopes who keep quoting analysts are as clueless as they are. Most analysts stink. Period. If they were good at what they do they'd be hedge fund managers, not analysts.
Yesterday morning I reminded people that I said to get out of the stock in April on this board. I also said the 9's were coming when we were in the mid 10's. But people still pumped their B.S. in here as in the rest of these useless stock boards. Well.. we hit 9's and closed in low 10's. Now pre-market JCP is down over $1 a share. The 8's are coming folks. All you dopes who went long yesterday whether with real trades or phony ones are already taking it big time in the can.... you will never learn. There is no reason to own this stock at this time. Period.
Goldman’s Kristen McDuffy and Ryan Gallant explain the reason for the rating:
In our view, a combination of weak fundamentals, inventory rebuilding, and an underperforming home department will likely challenge J.C. Penney’s liquidity levels in 3Q. In order to safeguard against a potentially poor 4Q holiday season, it is likely that management will look to build a bigger liquidity buffer, as has been suggested by recent press reports. Although we believe this would be a prudent measure for the company, given our expectation for new capital to come in the form of additional debt (rather than equity), we believe this will be a negative catalyst for creditors. We expect 3Q and 4Q to be difficult, with comp store sales likely showing a slower-than-expected improvement, and for the general retail environment to remain challenging, increasing the risk of a poor holiday season that the company can ill afford. As a result, we think that the next step for the company’s debt is more likely to be wider than tighter.